By the end of the film I knew something about only one of the Dwarves (Thorin Oakenshield). Sure, the other Dwarves were introduced by name (often in groups) at the start . . . but after that I learned nothing about any of them.
So unlike the Fellowship of the Ring, by the end of the film most of this fellowship remain ciphers. We only know Bilbo, Gandolph and Thorin.
I also found the constantly moving camera POV (point of view) to be very distracting. And the "Chase/Battle/Action" scenes reminded me of those in "Indiana Jones and the Temple of Doom" . . . which is not a good thing.
Now I did read "The Hobbit" . . . but that was close to fifty years ago so I don't recall much. Maybe a re-read prior to seeing the film would have helped . . . but why should that be necessary?
It seems that "action" and "spectacle" are now supposed to take the place of "character" and "story" . . . which I find to be very sad.
I was so looking-forward to seeing this film; and, yes, I was entertained; but I came away feeling empty and unfulfilled.
"The Hobbit: An Unexpected Disappointment".